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  "docSlug": "2ce2200974d3",
  "documentTitle": "IperionX Ltd. (IPX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-11-12 00:00:00",
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  "pageNumber": 39,
  "pageCount": 93,
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  "nextPage": 40,
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  "notes": "The slide uses a red box to highlight the absence of specific individuals in the 2025 list compared to the 2024 list.",
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      "kind": "callout",
      "text": "Fang? Leatherman? Nimrod?",
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      "kind": "callout",
      "text": "Dr. Fang (Blacksand founder and technology inventor), Raymond Nimrod (IperionX’s technology and patent portfolio advisor) and Lamont Leatherman (former Chief Geologist) either completely sold or materially reduced their stock holdings between August 31, 2024 and 2025.",
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      "text": "share ownership",
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      "text": "Dr. Fang (Blacksand founder and technology inventor), Raymond Nimrod (IperionX’s technology and patent portfolio advisor) and Lamont Leatherman (former Chief Geologist) either completely sold or materially reduced their stock holdings between August 31, 2024 and 2025.",
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      "kind": "source-note",
      "text": "Source: 2024 and 2025 Annual Report",
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      "text": "Comparison of top 20 shareholders between August 31, 2024 and August 31, 2025.",
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      "kind": "title",
      "text": "Key Technology, Patent And Geology Executives Reduced Or Sold Their Entire IPX Equity Holdings",
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